DDM Analysis: 300171.SZ

Valuation Snapshot

Stable Growth	$5.38 - $14.47	$8.26
Multi-Stage	$3.71 - $4.05	$3.88
Blended Fair Value	$6.07
Current Price	$14.25
Upside	-57.39%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	58.45%	5.99%	0.24	0.33	0.32	0.18	0.13	0.02	0.02	0.21	0.10	0.21
YoY Growth	-	-	-26.87%	1.74%	77.26%	43.39%	428.17%	22.97%	-90.68%	107.72%	-51.29%	54.37%
Dividend Yield	-	-	1.86%	2.20%	1.19%	0.46%	0.59%	0.30%	0.18%	2.46%	0.76%	1.03%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	172.92
(-) Cash Dividends Paid (M)	58.19
(=) Cash Retained (M)	114.74

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	34.58	21.62	12.97
Cash Retained (M)	114.74	114.74	114.74
(-) Cash Required (M)	-34.58	-21.62	-12.97
(=) Excess Retained (M)	80.15	93.12	101.77
(/) Shares Outstanding (M)	761.37	761.37	761.37
(=) Excess Retained per Share	0.11	0.12	0.13
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.11	0.12	0.13
(=) Adjusted Dividend	0.18	0.20	0.21
WACC / Discount Rate	9.06%	9.06%	9.06%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$5.38	$8.26	$14.47
Upside / Downside	-62.22%	-42.00%	1.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	172.92	184.16	196.13	208.88	222.46	236.92	244.03
Payout Ratio	33.65%	44.92%	56.19%	67.46%	78.73%	90.00%	92.50%
Projected Dividends (M)	58.19	82.72	110.21	140.91	175.14	213.23	225.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.06%	9.06%	9.06%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	75.14	75.85	76.56
Year 2 PV (M)	90.92	92.65	94.40
Year 3 PV (M)	105.60	108.63	111.72
Year 4 PV (M)	119.21	123.80	128.51
Year 5 PV (M)	131.83	138.20	144.81
PV of Terminal Value (M)	2,302.58	2,413.79	2,529.26
Equity Value (M)	2,825.28	2,952.92	3,085.27
Shares Outstanding (M)	761.37	761.37	761.37
Fair Value	$3.71	$3.88	$4.05
Upside / Downside	-73.96%	-72.78%	-71.56%

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Tofflon Science and Technology Group Co., Ltd. (300171.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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